SOURCE: UBmatrix, Inc.

October 15, 2008 16:59 ET

Keane Selects UBmatrix to Support Interactive Data Validation Efforts

Company Demonstrates Support for SEC's Public Validation Criteria Using XBRL 2008 Formulas Within One Week of Receiving the Published Criteria

REDWOOD CITY, CA--(Marketwire - October 15, 2008) - UBmatrix, Inc., the leading provider of XBRL information exchange solutions, announced today that its UBmatrix XBRL Processing Engine software has been selected by Keane Federal Systems, Inc. a subsidiary of Keane, Inc. under Keane's contract to support the Securities and Exchange Commission (SEC) Interactive Data Initiative and EDGAR® Modernization effort.

UBmatrix's software will help enable Keane to quickly meet SEC requirements for validating incoming submissions from public companies. This includes 26 separate criteria reflecting the SEC staff's current views on appropriate validation criteria for XBRL tagging to improve the consistency and quality of XBRL documents submitted to the SEC. UBmatrix was able to demonstrate support of the SEC's Public Validation Criteria within one week of publishing of the criteria.

"UBmatrix helped us quickly demonstrate to the SEC our ability to meet their validation requirements for incoming data, which is a vital component to our ability to truly modernize the current system by implementing a host of interactive capabilities to make information more accessible to investors," said Richard Perry, Vice President of Federal Civilian at Keane Inc. "We were very impressed with UBmatrix's ability to implement the Public Validation Criteria and meet the performance requirements expected when the system goes live."

"Validating submissions provides the SEC the confidence in the quality of information available to the investor," said Sunir Kapoor, CEO of UBmatrix. "We are thrilled that we were able to provide this capability to Keane in a timely fashion using our industry proven software."

About the UBmatrix XBRL Processing Engine

The UBmatrix Processing Engine is the core platform for the development and deployment of XBRL-based applications. The UBmatrix Processing Engine is designed for high volume, large scale business processing and provides taxonomy and instance document validation and conversion which allow for transformation of XBRL from and into Excel, CVS, XML or HTML. The UBmatrix Processing Engine is built on an extensible architecture and enables developers to easily integrate XBRL processing into Windows or Linux-based applications. The processing engine fully conforms to the latest XBRL standards and also supports formulas in anticipation of the upcoming XBRL International standard.

Keane Modernizing SEC's EDGAR System

In September 2006, the SEC awarded Keane Federal System a six-year contract, to operate, maintain, modernize and ultimately replace EDGAR (Electronic Data Gathering, Analysis and Retrieval), the SEC's primary system for accepting company electronic filings and providing online information to investors. Under the contract, Keane Federal Systems, Inc. will convert the static text-based EDGAR system to a dynamic data system with real-time search, revolutionizing the way investors access and analyze financial statements and other corporate disclosures filed with the SEC.

SEC Interactive Data Initiative

In May 2008, the Securities and Exchange Commission (SEC) published a Rule Proposal that mandates interactive data (XBRL) filings of SEC reports for public companies, beginning with "large accelerated filers." Under the new rule, most Fortune 500 companies, among others, would be required to submit their SEC reports in XBRL beginning with fiscal periods ending December 15th, 2008 or thereafter. All public companies will eventually be required to file in XBRL under the new rule, in a phased approach over the next three years.

About Keane

In business since 1965 and based in the United States, Keane is a global services firm that specializes in enabling transformation of its clients' business and IT functions. The transformation partner of choice for clients across a broad array of industries, Keane is unique in its passion for building satisfying and enduring relationships with clients. Keane's solutions -- which comprise consulting, technology, and outsourcing services -- are customized to address clients' industry-specific challenges and enable dramatic improvements in business performance. For more information on Keane's services portfolio, industry solutions, and global locations, visit www.keane.com.

About UBmatrix

UBmatrix, Inc. is the leading provider of XBRL-based information exchange solutions for global organizations and enterprises allowing them to more efficiently and effectively address the challenges of business and financial information management, exchange and reporting. XBRL is rapidly becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven at the SEC, FDIC and the European Central Bank Supervisors. UBmatrix XBRL solutions increase operational efficiency and financial transparency, and ensure reporting accuracy and reporting compliance. UBmatrix is based in Silicon Valley with development centers in Bellevue, WA and New Delhi, India. For further information, visit www.UBmatrix.com.

Contact Information

  • For further information, contact:

    For UBmatrix
    Dan Cahill
    (917) 617-0106
    Email Contact

    For Keane:
    Tara Jantzen
    Keane Inc.
    (312) 337.8379

    Mike Gallo
    Gutenberg Communications
    (212) 239.8594